Do you have a home buying strategy? Buying a home can be a risky and expensive proposition so you will want to make sure you have a plan. In order to put a plan in place you will want to ask ask the following questions:
How long do I plan to live here?
You will need to consider how long you plan to live in your home to determine if it makes financial sense. Consider what changes you might make during that time frame. Will you be starting a family? Will elderly parents need to move in with you? You may need a larger home or need to find a community with better amenities for children, and that will increase the likelihood of you moving.
How is the local market?
All real estate is local. Find out all you can about the neighborhoods you're considering. Look at the inventory of homes, how have properties gone up or down in value, and how much homes are selling for compared to the listing price.
What is my financial stability?
Consider factors like the stability of your job. Will you still be there in five years? What kind of future does your industry have? Does climbing up the career ladder mean you might have to move elsewhere to get ahead? Look at your current debts and income, not your future salary, to determine whether you can afford to buy.